Crypto.com Adds Paxos Stablecoin (PAX Token) to its Wallet & Card App Ahead of Earn & Credit Launch
The Crypto.com has several new publications that it has made for its investors that we should all be aware of. The platform has been considered to be a pioneer payments platform for the crypto coins that are in the market; thus the announcements that it has made are essential for investors to take note of.
First Announcement; The Addition Of Paxos To The Platform
The platform has announced that it has added the Paxos Standards, the PAX Token to their current wallet and Card App. This is a move that is joining the Ether (ETH), Bitcoin (BTC), Litecoin (LTC), Enjin Coin (ENJ), Binance Coin (BNB), the Basic Attention Token (BAT) together with their own CRO and MCO token.
The PAX is a stable coin that has been developed by the famous New York Trust Chatter company Paxos. It has been established as a financial institution that is being regulated by the New York State Department of the Financial Services.
The token has been designed as a digital dollar that has been backed by the 1:1 basis of the USD. A token that has been able to move at the speed of the internet and it has been specially designed to provide the crypto space with the needed stability and user interface confidence, all this has been made possible with the regulated status that the company has.
The token was launched back in 2018, and since then we are able to see the token being rapidly adopted, and from this, the company is able to record achievement of about $16 billion when just looking at the transaction volumes.
Kris Marszalek, Co-Founder and CEO of Crypto.com said: “Stablecoins play a critical role in the adoption of cryptocurrencies. We are thrilled to welcome PAX to the Crypto.com platform and look forward to working together on accelerating the world's transition to cryptocurrency.”
Second Announcement; The Addition Of TrustTokens, The TrueUSD To The Platform
The company also announced the addition of the TrueUSD to their wallet and the Card App. The token has been considered to be the 10th token that is joining the platform; this is in addition to the other tokens that are already present on the system.
The TUSD has been designed as a price stable crypto coin that has been backed by the 1 for 1 US dollar, a token that is able to use different escrows in the move towards reducing the amount of counter-party risk. This is a go-to token for the investor within the market as it is able to provide each token holder with the needed legal protection in case of misappropriation, and it has also been considered to be the very first asset of its kind that has been built on the TrustToken.
With the token moving to Crypto.com, it brings about various benefits that they will be able to enjoy; such s avoiding the risk of volatility from moving to the TUSD without the inclusion of fees or even markups, all this has been made possible through the platform app.
The platform will also provide its users with the ability to convert the crypto coins to fiat before they can go ahead and spend on the available merchants in the market, the platform has made this possible through the use of the MCO Visa Card.